Market Commentary

Treasuriesare lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.660% after closing at 2.618% during the prior session.

Annualized quarter-over-quarterGross Domestic Product rose at 2.60% during the fourth quarter, underperforming the 3.20% mark registered in the prior period and falling short of estimated growth of 3.00%, per Commerce Department data released today. Also, the preliminary month-over-monthWholesale Inventories’ print for December reflected a 0.20% rise, falling short of both estimated growth of 0.40% and a prior mark of 0.70% revised; while the month-over-month Retail Inventories’ print for December reflected a 0.20% rise, above its 0.10% prior mark. Further, preliminary Durable Goods Orders for December rose 2.90%, above survey of 0.80% and also above its prior 1.70% revised. Finally, annualized Personal Consumption for the fourth quarter rose by 3.80%, slightly above survey of 3.70% and above prior mark of 2.20%.

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